India's Cryptocurrency Market Is Not Feasible, Says CZ

India's Cryptocurrency Market Is Not Feasible, Says CZ

Over the past two years, venture capital firms specializing in cryptocurrencies have flocked to India, but according to Binance CEO Changpeng Zhao, the cryptocurrency exchange does not consider India as a promising market for expansion.

Zhao was cited as stating, "To be honest, I don't think India is a particularly crypto-friendly climate."

Zhao is not the only one with such a pessimistic outlook on the Indian market, claims TechCrunch. Zhao's statement is noteworthy because, despite dozens of investors and startup entrepreneurs privately expressing comparable concerns, no other person of Zhao's stature has publicly voiced a similar opinion. Zhao attributed the market's lack of accessibility to the high tax environment in the nation.

"There is not going to be that many transactions if you are going to levy 1% on each transaction," he added.

According to the article, Binance, the world's largest cryptocurrency exchange by volume, is currently open to consumers in India.

"Even if a user trades 50 times each day, they would still lose about 70% of their capital. A form of exchange with an order book won't have any volume. Thus, we do not now envisage a profitable business in India. All we can do is wait. We are trying to present some logic in our conversations with various industry associations and influential individuals "Zhao said.

Zhao expressed his concern, saying, "We are trying to get this message across, but tax policies typically take a long time to change." India put into effect a law for taxing virtual currencies earlier this year. Any income from the transfer of a virtual asset is subject to a 30% tax. The government deducts a 1% tax at the source from payments made for the purchase of virtual assets in order to keep track of all such crypto transactions.

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